Xu: Beijing Benz new successor

"The Board of Beijing Benz passed a resolution that Xu Heyi succeeded An Qingheng As chairman of the Beijing Benz on January 15." a senior from Beijing Benz-Daimler Chrysler Automobile Company Limited (hereinafter referred to Beijing Benz) disclosed. This information was subsequently confirmed by the Beijing Benz PR department.

Xu Heyi has been taking charge of all Beijing Auto Holdings core business ever since he took over the chairman post of Beijing Automobile Industry Holdings Ltd.(hereinafter referred to Beijing Auto Holdings) three months ago.

Beijing Automobile Industry Group was authorized by the government to manage state-assets in Sep 2000, and reformed its ownership as a result of Beijing Auto Holdings, which owns Beijing Benz, Foton Auto, Beijing Automobile Works Ltd and a number of vehicle spare parts business enterprises. An Qingheng was appointed as chairman of Beijing Auto Holdings and then chairman of Beijing Benz and Foton Auto concurrently.

In June 2002, Beijing Auto Holdings, Beijing State-owned Asset Management Corporation sponcored and set up a joint venture with South Korea’s Hyundai. Xu Heyi, the deputy secretary of the Beijing Municipal Economic Commission, was appointed as the chairman and general manager of the Beijing Auto Investment Company Ltd (referred to Beijing Auto Investment).

"Beijing Auto investment is a subsidiary company, but due to the rapid development of Beijing Hyundai, Beijing Auto Investment and Beijing Auto holding are relatively independent." Cao He, deputy general manager of National Securities R&D Center, believes that "Beijing's planning reunification and coordinated development of several major auto industry segments."

"Xu said that Beijing Auto Holdings plans to set up the Beijing Auto Research Institute to integrate vehicle research and development team and put forward self-owned brands at the succession ceremony of Beijing Auto Holdings. The successor of Beijing Auto Holdings, boldly stepped forward to build five platforms: complete vehicle, spare parts, service trading, reform and adjustment platform and independence research platform. This platform will indicate the next five’s development." An internal source disclosed.